Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1887-08-04

] DANktNS AND DEAiEhS IN OVfhhNA hNNhHs
| No ss NASSAU STREET.
NEW YORK, July ~, 1887 The situa-
ton is startling II allowed to continue
every interest viii feel it. Every foot
OF land will become of less value, every
bushel of wheat, every bushel OF corn.
every pound of cotton will decline in
value. On the other hand, if the adj
ministration goes to work under the
powers given it by existing laws, and
earnestly tries TO frame new laws for
the consideration of the incoming Con-
gress, we shall see such an era of pros
perity as was never before witnessed in
this land.
THE SITUATION.
The fact is that with the exception of
some twenty millions deposited by the
Treasury with National Banks, there is
now 'locked up, out of use, and draw
ing no interest, in the United States
Treasury, the vast sum of nearly $780,
100000 ~
One hundred millions of this vast
sum the Treasury is obliged to keep
under the laws as reserve against
United States notes.
Upwards of another hundred millions
of this vast sum is retained TO redeem
the notes Of National Banks failed or
retiring circulation.
There is no law requiring the Treasury
to keep this sum locked up. 1t is only
required TO redeem the notes as pre-
sented
1t will be years before these National
Bank notes will all como in, and it is
more than likely that , to 5 per cont
will never be presented.
Should this money lie idle all these
yearsP IL it must, then there is some
defect in the National Banking Law
which ought to be corrected.
Why Congress should have put il IN
the power of the National Banks to use
the Treasury in this way is n serious
question.
/ OF the balance OF this vast sum there
is retained to meet past due bonds, dis
bursting officers drafts, postoflice de-
partment accounts and divers appro-
priations, nearly seventy million dollars,
Just as if the Treasury was not receiv-
ing from the people every month up
wards Of twenty-five million dollars TO
meet all these things.
For all the above the Treasury De-
partment may set up valid excuse;
but, il so, the next Congress should see
that something is done to utilize as
large part of this $270,00Q,DO0 as is
consistent and safe.
Still remaining is: S70,000,000, for
which lock up there Is no reason or law
except the ruling or wishes OF the
Treasury Department.
1t is well for the people to know how
the Treasury stands.
The following figures are from the
official statement issued by Secretary
Fairchild, June 80, 1887;
IN THE TREASURY.
Gold Coin and bullion .S27s, iOi ,iO6.96
| Silver Standard Dollars, Bullion,
Trade Dollars and Fractional Silver 2p, ABS 59. %
United States Notes ............. 2S,7S3, i90 ~
| National Bank Notes ...+ ......,.. lgdOtOOn
Deposited in National Banks, 29,09l 3OsS8
s579, S6s 5000
At same, date the Treasury had
NafU al nf
Gold Certificates ......... ....S 81, 225 $500
Silver Certificates ....... ......... l42,llbOldO
| a. :. Notes Certificates ....... .,. e,T1O,WOOO
ssigiis,45tOo
Thus leaving, with the exception Of
the little part in the National
| Banks, locked up" In the Treas -.
ury Observation-Disclosures. ....t- Ht5'aoo dSopf
With an outstanding debt of over
one thousand millions on which the
people are taxed 81. 63s, 466 yearly for
interest payments, we would submit
the simple question:
Is 10 Just 10 The people 10 keep, gear IN
and gear out, 1897, 100000 locked ~,
in The Treasury, drawing no interest,
and doing no good?
Since the issue of our circular of
June 10th What Use Shall the Gov
eminent make OF its Surplus, we
have received hundreds Of newspapers
and communications from all parts OF
the land on this subject, all showing
deep interest and concern over the
Treasury surplus. By far the larger
majority think as we do that the sooner
the rebellion" debt is cleared out,
bought up, paid off and forgotten, tho
better for the whole country.
1t would be far better for the country
if $3.50, 000,O 600 Of this money was inn
mediately used to reduce the interest
bearing debt, even il the Government
made nothing by it; but, il can not only
reduce the debt, but save millions in
future interest payments by doing so.
Truly.
HARVEY FISK AND Sons.